Question 1

A naïve forecast for September sales of a product would be equal to the forecast for August.

Accepted Answer

A) True 
 B)False

Question 2

One use of short-range forecasts is to determine:

Accepted Answer

A) planning for new products. 
B) capital expenditures. 
C) research and development plans. 
D) facility location. 
E) job assignments. 
A) planning for new products. 
B) capital expenditures. 
C) research and development plans. 
D) facility location. 
E) job assignments.

Question 3

________ expresses the error as a percent of the actual values.

Accepted Answer

A) MAD 
B) MSE 
C) MAPE 
D) FIT 
E) The smoothing constant 
A) MAD 
B) MSE 
C) MAPE 
D) FIT 
E) The smoothing constant

Question 4

Regression lines graphically depict "cause-and-effect" relationships.

Accepted Answer

A) True 
 B)False

Question 5

Demand for individual products can be driven by product life cycles.

Accepted Answer

A) True 
 B)False

Question 6

What is a time-series forecasting model?

Accepted Answer

A time-series foreca

Question 7

The quarterly sales for specific educational software over the past three years are given in the following table.Compute the four seasonal factors.

Accepted Answer

The answer of The quarterly sales for specific educational software...

Question 8

________ forecasts address the business cycle by predicting inflation rates,money supplies,housing starts,and other planning indicators.

Accepted Answer

The answer of ________ forecasts address the business cycle by...

Question 9

________ forecasting tries a variety of computer models and selects the best one for a particular application.

Accepted Answer

The answer of ________ forecasting tries a variety of computer...

Question 10

Describe the three forecasting time horizons and their use.

Accepted Answer

Forecasting time horizons are: short ran

Question 11

A time-series model uses a series of past data points to make the forecast.

Accepted Answer

A) True 
 B)False

Question 12

Identify four quantitative forecasting methods.

Accepted Answer

The list includes naive,moving

Question 13

An innovative restaurateur owns and operates a dozen "Ultimate Low-Carb" restaurants in northern Arkansas.His signature item is a cheese-encrusted beef medallion wrapped in lettuce.Sales (x,in millions of dollars)is related to Profits (y-hat,in hundreds of thousands of dollars)by the regression equation y-hat = 8.21 + 0.76 x.What is your forecast of profit for a store with sales of $40 million? $50 million?

Accepted Answer

Students must recognize that "sales" is

Question 14

Distinguish a dependent variable from an independent variable.

Accepted Answer

The dependent variable is the

Question 15

________ is a forecasting technique based upon salespersons' estimates of expected sales.

Accepted Answer

Sales forc

Question 16

Distinguish between a weighted moving average model and an exponential smoothing model.

Accepted Answer

Exponential smoothing is a weighted movi

Question 17

The two general approaches to forecasting are:

Accepted Answer

A) qualitative and quantitative. 
B) mathematical and statistical. 
C) judgmental and qualitative. 
D) historical and associative. 
E) judgmental and associative. 
A) qualitative and quantitative. 
B) mathematical and statistical. 
C) judgmental and qualitative. 
D) historical and associative. 
E) judgmental and associative.

Question 18

When one constant is used to smooth the forecast average and a second constant is used to smooth the trend,the forecasting method is ________.

Accepted Answer

exponential smoothing with tre

Question 19

Cycles and random variations are both components of time series.

Accepted Answer

A) True 
 B)False

Question 20

The last four weekly values of sales were 80,100,105,and 90 units.The last four forecasts were 60,80,95,and 75 units.These forecasts illustrate:

Accepted Answer

A) qualitative methods. 
B) adaptive smoothing. 
C) slope. 
D) bias. 
E) trend projection. 
A) qualitative methods. 
B) adaptive smoothing. 
C) slope. 
D) bias. 
E) trend projection.

Exam 4: Forecasting Demand

A naïve forecast for September sales of a product would be equal to the forecast for August.

One use of short-range forecasts is to determine:

________ expresses the error as a percent of the actual values.

Regression lines graphically depict "cause-and-effect" relationships.

Demand for individual products can be driven by product life cycles.

What is a time-series forecasting model?

The quarterly sales for specific educational software over the past three years are given in the following table.Compute the four seasonal factors.

________ forecasts address the business cycle by predicting inflation rates,money supplies,housing starts,and other planning indicators.

________ forecasting tries a variety of computer models and selects the best one for a particular application.

Describe the three forecasting time horizons and their use.

A time-series model uses a series of past data points to make the forecast.

Identify four quantitative forecasting methods.

Distinguish a dependent variable from an independent variable.

________ is a forecasting technique based upon salespersons' estimates of expected sales.

Distinguish between a weighted moving average model and an exponential smoothing model.

The two general approaches to forecasting are:

When one constant is used to smooth the forecast average and a second constant is used to smooth the trend,the forecasting method is ________.

Cycles and random variations are both components of time series.

The last four weekly values of sales were 80,100,105,and 90 units.The last four forecasts were 60,80,95,and 75 units.These forecasts illustrate:

Operations and Productivity

The Global Environment and Operations Strategy

Managing Projects

Product Design

Quality Management and International Standards

Process Design

Location Decisions

Layout Decisions

Job Design and Work Measurement

Supply Chain Management

Managing Inventory

Aggregate Scheduling

Material Requirements Planning Mrpand Erp

Scheduling for the Short-Term

Jit,lean Operations,and the Toyota Production System

Maintenance and Reliability Decisions

Sustainability

Statistical Process Control

Capacity Planning

Supply Chain Modeling

Decision Modeling

Linear Programming Models

Transportation Modeling

Queuing Models

Learning Curves

Modeling with Simulation

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